On a typical day...
57% of Americans watch TV news
54% watch their local news
34% watch cable news channels
28% watch the nightly network news
23% watch the morning news programs (The Today Show, Good Morning America, etc.)
40% of Americans read a newspaper
36% of Americans listen to news on the radio
23 % of Americans get news online
18% visit news aggregators (Google News, Yahoo! News, AOL News, etc.)
14% visit national TV networks' sites (CNN.com, MSNBC.com, ABCnews.com, etc.)
14% visit newspaper Web sites
4% visit news blogs
3% visit online news magazines (Slate.com, Salon.com, etc.)
I admit that these stats are a little old (2006), but it bears repeating: We (online news readers) are NOT the majority.
The reason it seems like a problem to me:
If one company owns all the local (and possible a majority of national) news outlets (tv, radio, newspaper, etc) they get to decide what gets covered. Nothing that makes THEM look bad of course. Nothing that goes against their owners views. No political ads for the guy they don't like that might be running for senate. If they OWN all the local media, that seems like an AWFUL lot of undue influence.
Do we really want fox news to own ALL the local news outlets for example?